Duties of directors; delegation of duties

(1) The board of directors shall manage the business and affairs of the credit union. The duties of the board include, but are not limited to, the duties listed in this section. The board may not delegate duties listed in subsection (2) of this section. The board may delegate the duties listed in subsection (3) of this section to a committee, officer or employee of the credit union, who shall provide appropriate information to the board regarding the exercise of the duties. (2) The board shall: (a) Establish the requirements for membership in the credit union, including the par value, if any, of a share; (b) Authorize interest refunds, if any, to members from income earned and received in proportion to the interest the members pay on classes of loans and under conditions that the board prescribes; (c) Authorize the employment of persons necessary to carry on the business of the credit union and fix the compensation of the manager or chief executive officer; (d) Authorize the conveyance of property; (e) Suspend members of the credit or supervisory committee for failing to perform the members’ duties; (f) Appoint any special committees the board considers necessary; (g) Limit the number of shares and the amount of deposits that a member may own and ensure that limitations adopted under this subsection apply alike to all members; and (h) Establish policies and controls regarding the investment of surplus funds. (3) In addition to the duties listed in subsection (2) of this section, and subject to subsection (1) of this section, the board shall: (a) Act upon applications for membership. If this duty is delegated, a record of an approval or denial of membership must be made available to the board. A person to whom a committee, officer or employee of the credit union denies membership may appeal the denial to the board. (b) Purchase a blanket fidelity bond, in accordance with ORS 723.122. (c) Determine from time to time the interest rate or rates that shall be charged on loans. (d) Declare dividends on shares and share certificates in accordance with the provisions of the bylaws and determine the prospective dividend rate to be paid on shares and share certificates and the interest rate or rates that will be paid on deposits and deposit certificates. (e) Designate a depository or depositories for the funds of the credit union. (f) Borrow or lend money to carry out the functions of the credit union.